Key Highlights
- USD/JPY started a fresh increase above the 144.50 resistance.
- A major bullish trend line is in place with support at 143.20 on the 4-hour chart.
- EUR/USD slowly moved below the 1.1520 pivot level.
- GBP/USD dipped below the 1.3500 support and struggled to recover.
USD/JPY Technical Analysis
The US Dollar formed a base and started a fresh increase above 143.00 against the Japanese Yen. USD/JPY surpassed the 144.00 and 144.20 resistance levels.
Looking at the 4-hour chart, the pair traded above the 76.4% Fib retracement level of the downward move from the 145.46 swing high to the 142.79 low. It even settled above the 145.00 level, the 100 simple moving average (red, 4-hour), and the 200 simple moving average (green, 4-hour).
On the upside, the pair could face resistance near the 145.80 level. The next key resistance sits near the 146.00 level. It is close to the 1.236 Fib extension level of the downward move from the 145.46 swing high to the 142.79 low.
The first major resistance sits at 146.20. A close above the 146.20 level could set the pace for another increase. In the stated case, the pair could even clear the 147.00 resistance. The next major stop for the bulls could be near the 148.00 resistance.
On the downside, immediate support is near the 144.80 level. The next key support sits near 144.20. Any more losses could send the pair toward the 143.50 level. The main support could be near 143.20. There is also a major bullish trend line in place with support at 143.20 on the same chart.
Looking at EUR/USD, the pair dipped below the 1.1500 level and now remains at risk of more losses in the near term.
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